Rupee to stabilise very soon: Official
Kolkata, Aug 18 : The Indian rupee, which has been depreciating against the dollar on account of external factors, will "stabilise" soon with the fundamental equation for trade unchanged, an official said here on Saturday.
"This breaching of 70 (mark) was on account of external factors largely on what happened in Turkey. Our fundamental equation for the trade has not been changed. Oil prices have not gone up.
"The demand-supply situation for dollars in the Indian economy has not got altered... our perception is that very soon it (rupee) will stabilise and it might go back to Rs 68-69," Union Finance Ministry's Department of Economic Affairs Secretary Subhas Chandra Garg said here.
On Thursday, the rupee had touched an all time low of 70.39-40 in the spot market and settled at a record closing low of 70.16 against the greenback.
Speaking on capital outflow, Garg said: "There was an outflow of $9 billion in terms of portfolio investments in the first three months of the current fiscal and last year, we had a inflow of $20 billion. But in July, there was no outflow. In August, there is positive inflow of about $1.5 billion."
"It makes it clear that the episode arising out of Turkey essentially does not alter FPIs' (Foreign Portfolio Investors) perception about the investability of India. I do not think that will change," he said on the sidelines of a Merchants' Chamber of Commerce and Industry's event.
Garg also said that public sector banks, which are under Prompt Corrective Actions (PCA) imposed by the Reserve Bank of India, would do better going forward and there would be lesser requirement for provisioning of bad loans.
"Profitability of these banks will be coming back. They are expected to come out of PCA in the next 1-2 years," he added.
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Allahabad HC grants bail to accused in alleged rape case, says complainant "invited trouble"
Prayagraj: The Allahabad High Court has granted bail to a man accused of raping a woman he met at a bar in Delhi, while controversially remarking that the victim "invited trouble" and was "responsible" for the incident.
Justice Sanjay Kumar Singh made these observations while hearing the bail application of Nischal Chandak, who was arrested in December 2024 in connection with an alleged rape reported in Noida.
The incident dates back to September 2024. The complainant, a postgraduate student from a reputed Noida-based university, had visited a bar in Hauz Khas, Delhi, with her friends. According to her police complaint, she consumed alcohol and became intoxicated. She alleged that the accused insisted she accompany him to his house to rest, but instead took her to a relative’s flat in Gurgaon, where he raped her.
The accused denied the charges, claiming that the woman voluntarily agreed to accompany him and that their encounter was consensual.
While granting bail, Justice Singh stated: “Even if the allegation of the victim is accepted as true, then it can also be concluded that she herself invited trouble and was also responsible for the same. Similar stand has been taken by the victim in her statement.”
The Court also noted that her medical report showed a torn hymen but did not offer a definitive opinion on sexual assault.
Highlighting the woman’s educational background, the Court observed: “She is a postgraduate student and was thus competent enough to understand the morality and significance of her act.”
Based on the evidence, nature of the offence, and arguments presented, the Court deemed the case fit for bail and allowed the application.
Senior Advocate Vinay Saran, along with Advocate Balbir Singh, represented the accused in the matter.
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